How do you find the best merchant account? You need to look at what the merchant service provider can do for you, in addition to many other aspects, such as the pricing structure, quality of customer service, and fees. Sifting through numerous options is a huge hassle, and after countless hours of comparisons, you may want to settle for a provider that can’t offer you the best service. We’ve narrowed down the selection to the 3 best merchant account providers out there.
Dharma Merchant Services
You won’t regret opening a merchant account with Dharma Merchant Services, especially if you’re running a non-profit, as you’ll be eligible for discounted rates. If you don’t own a non-profit, you’ll still be treated well. With a fair and transparent interchange plus pricing model, you’ll know exactly what fees you’re being charged for—and you won’t be subject to unnecessary fees, such as an application or a setup fee.
They charge a $15 monthly fee, which is cheap compared to competitors’ monthly rates. Aside from the monthly fee, all you need to worry about is the transaction fee, which is 0.25%, in addition to $0.10 over interchange. If you ever need assistance, Dharma’s excellent customer service team can assist you 24/7, and if you need help during business hours, you can even get on-site assistance.
HELCIM
HELCIM is another great choice for a merchant account provider. The interchange plus pricing model clearly lists the fees you pay. If you own a brick-and-mortar retailer, you’re in luck. The monthly fees for a HELCIM account are only $12 per month, and the cost per transaction is 0.18% plus $0.08. However, the fees for online business are steeper; you would pay $25 a month, and have fees of 0.36% plus $0.25 per transaction. All businesses pay a $20 annual IRS reporting fee. At least there are no setup or application fees, and you’ll be well-supported by a 24/7 customer support line and email service.
Balanced Payments
Balanced Payments offers a flat rate pricing model. This means that you won’t pay monthly fees or any other fees, for that matter, aside from transaction fees. Sounds great, right? The drawback lies in the increased cost per transaction; you’ll pay 2.9% plus $0.30 per credit transaction. It costs 1% per debit transaction plus $0.30 to process the charge. In fact, your fees may change with the ebb and flow of your business, meaning you’ll pay a little less when times are tough. Balanced Payments is open and honest with what they charge you, and if you’re ever dissatisfied with your rates, the lack of a binding contract makes you free to open a merchant account elsewhere.
